The Shiba Inu community will gain governance of the ShibaSwap DEX through their newly announced Doggy DAO. WOOF! Covered Shiba Inu Launches Beta Version Of DAO Doggy DAO Explained: tBONE Apetit Shiba Inu Launches Beta Version Of DAO Shiba Inu continues to outperform their rival (DOGE) in terms of development, releasing a decentralized autonomous organization […] The post Shiba Inu Announces It’s First DAO: Giving The Meme Coin Community More Control appeared first on CryptosRus.

Shiba Inu Announces It’s First DAO: Giving The Meme Coin Community More Control

The Shiba Inu community will gain governance of the ShibaSwap DEX through their newly announced Doggy DAO. WOOF!

Covered

  • Shiba Inu Launches Beta Version Of DAO
  • Doggy DAO Explained: tBONE Apetit

Shiba Inu Launches Beta Version Of DAO

Shiba Inu continues to outperform their rival (DOGE) in terms of development, releasing a decentralized autonomous organization (DAO) for the project. The developers of Shiba Inu have announced via a blog post the first iteration of their Doggy DAO, which is aimed to give the meme coin community control over the project’s ShibaSwap DEX.

The project emphasizes their original mission, which is always working towards decentralization. They believe that with this DAO, the Shiba team would have a reduction in accountability, and the community would gain control decision making processes.

“We believe in reducing the level of accountability that our team must place in each other, and deterring from the ability to exert authority/control over certain areas…This is in order to broadcast the capacity of community-oriented decisions, in ways that can accelerate the growth of Shiba Inu.”

The DAO will let stakeholders make important decisions for the ShibSwap DEX, such as rewards pools and listings. The developers plan on releasing phases of the DAO, coined DOGGY DAO. The first step to reaching community-oriented decisions comes with the Beta version of DOGGY DAO (DAO 1) and will focus on the community voting system.

Doggy DAO Explained: tBONE Apetit

With the launch of DAO 1, ShibSwap users gain the ability to cast votes on project listings. The process of casting votes relies on their governance token BONE, and when staked users get tBONE, which can then be used to cast votes.

Once tBone is acquired by a user, they will be able to distribute their voting power into their preferred projects to challenge which projects will be available in official WOOF pools. Thus, all future projects that want to be a part of the official pools will be decided by community voting through tBONE.

On ShibaSwap, there will be a list of “Top 50 Liquidity/Volume Pairs” and users can cast their votes on projects they are interested in:

This tool will motivate and allow external projects, and their developers to provide liquidity for their tokens/pairs, while aiding ShibaSwap to continuously increase its utility and volume.

After the launch of DAO 1, allocation points and pairs are determined by the voting process, and there will be a maximum of 30 pairs that will appear in the official WOOF pools. The executed pairs are then “showcased” for 14 days, and their allocation points remain there and another voting takes place to finish off the community-oriented voting process. This circular loop will continue, and that’s how the DAO works.

The reason the SHIB developers are taking a phased approach is to get community feedback and observe the workflow to ensure fairness, security, and utility. They will be on the lookout for whales attempting to take advantage of this process and will work directly with the Defense and Currencies Breed to avoid whale manipulation.

Although it may be a meme coin, SHIB is one of the top 20 tokens by market cap and is one of the most popular assets for newcomers in the space. Additionally, they are actually taking steps to become a legit project, and this is one of them. With the announcement of their DOGGY DAO, they also teased a “big surprise” coming soon: “Also… in case you think that’s all, you should wait for a big surprise we have prepared! WOOOOOOOOOF!” What’s next for SHIB?

 

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